Coinbase Launching a Web App to Track Personal On-Chain Wallets

Highlights:

• Coinbase is launching a new web app that allows users to track all of their on-chain wallets.
• The app integrates token, NFT, and DeFi management into one user-friendly interface.
• The exchnage hopes to bring all of its about 100 million users “on chain”.

On July 11, cryptocurrency exchange Coinbase announced the forthcoming launch of a new web application. This app is designed to offer users a unified platform for viewing and managing their entire crypto exposure, including tokens, non-fungible tokens (NFTs), and decentralized finance (DeFi) positions. This initiative aims to simplify the user experience by integrating various functionalities into a cohesive interface.

The company said:

“Today, many people use manual spreadsheets and need to open multiple browser tabs to track their assets holistically. Many people also manage several crypto wallets, and until now, achieving a comprehensive view of all their assets in one place has been a challenge.”

The “Coinbase Wallet web app” is designed to integrate multiple wallets, offering a “one-stop” shop for tracking assets, executing token swaps, and sending funds, among other things. Users can access the platform on both desktops and mobile phones to explore eight networks, including Solana and Ethereum.

Meet the new Coinbase Wallet web app.

All of your crypto. All of your wallets. All in one place.

Your new home for everything onchain.

→ https://t.co/fQKwk1nr2W pic.twitter.com/3dQrcmA359

— Coinbase Wallet 🛡️ (@CoinbaseWallet) July 11, 2024

User Feedback Drives Coinbase’s Web App Development

After launching the Coinbase smart wallet last month, the company received substantial feedback from users, many of whom expressed a need for a user-friendly hub to manage assets and track on-chain activities. 

Today, we announced the @coinbasewallet smart wallet is officially live on mainnet. Here’s your primer on why this leapfrog tech is going to reinvent the onchain experience and onboard the next billion users 🧵 https://t.co/ilGt0n9bip

— Sid Coelho-Prabhu | sidcoin.eth 🛡️ (@sid_coelho) June 5, 2024

Sid Coelho-Prabhu, Coinbase’s Senior Director of Product Management, one of Coinbase’s major goals with the rollout of the new web app is to bring all of the exchange’s approximately 100 million users “on chain.”

Coelho-Prabhu stated:

” A user that we send to this portal is going to have a really easy way to set up a wallet, if they have multiple wallets they can configure that as well. They can do all of the basic on-chain financial activity they want whether it’s buying or trading or anything like that”.

According to Coelho-Prabhu, users need a streamlined method to manage their assets and monitor their portfolios on the blockchain. He underscored that the app aims to enhance accessibility and user-friendliness for on-chain activities. The app supports trading of more than 2 million tokens across eight blockchains. Additionally, it integrated with Coinbase smart wallets, offering features like gasless transactions for certain mints and the ability to spend directly from a Coinbase account on-chain through MagicSpend.

Regulatory Engagement and Security Enhancements

As Coinbase introduces new features, it continues to advocate for improved regulation in the digital asset market. The company has filed an amicus brief in the case involving Lejilex Exchange and the Crypto Freedom Alliance of Texas against the US Securities and Exchange Commission (SEC). Paul Grewal, Coinbase’s CLO, stressed the need for a clear legal framework to secure and sustain the digital asset sector.

Moreover, Coinbase is now the custodian for VanEck’s Bitcoin Trust, enhancing security and user experience in its ongoing efforts. Storing the majority of Bitcoin in cold storage under this responsibility helps safeguard the trust from potential cyberattacks.